Economics

What is a commodity?

• a product
• a bathroom facility

Quantity means

• best item
• the amount

The voluntary exchange of goods and services without any government intervention.

• Market Economy
• Traditional Economy

Which is an example of a natural resource?

• boats

• timber (wood)

• physicians

• merchants

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

Interdependence means

• One country depends on another
• Two countries depend on another country
• Two countries economies rely on each other
• Taxes are higher

Type of Economy where Supply and demand determine prices with little gov intervention

• Command
• Market
• Mixed
• Traditional